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Transcript of Windshare 2007 AGM Welcome Members. Windshare 2007 AGM Welcome & Introductions Special Video...
Windshare Windshare 20072007
AGMAGM
Welcome MembersWelcome Members
Windshare 2007 AGM
Welcome & IntroductionsWelcome & Introductions
Special Video Introduction
2006 Windshare Board
Paula BoutisJohn BinnsRike Burkhardt Evan FerrariJennifer JefferyBirthe JorgensenRose Kudlac
Treasurer - David Robertson
Windshare 2007 AGM
WelcomeWelcome
Special Video Introduction
Windshare 2007 AGM
Agenda Agenda (motion to approve agenda)(motion to approve agenda)
1. WELCOME & Introductions2. AGENDA REVIEW3. APPROVAL OF MINUTES 2006 AGM4. RECOGNITION of Board & Staff: 5. BOARD ELECTIONS:6. COFFEE BREAK 7. WINDSHARE BOARD REPORT 8. TREASURER'S REPORT: 9. ELECTION RESULTS: 10.Llakewind11.ADJOURNMENT12.ANNOUNCEMENTS
Windshare 2007 AGM
APPROVAL OF MINUTES 2006 AGM
Paula BoutisPaula Boutis
Windshare 2007 AGM
RECOGNITION of Board & Staff
Birthe JorgensenRebecca Black Jennifer GaudetteSimon Gill
Windshare 2007 AGM
BOARD ELECTIONS
Seven Member BoardThree year termsOpen to members and members in waitingOne vacancy to fill tonightNominations from the floor?
Windshare 2007 AGM
BOARD ELECTIONS
Each Candidate will have 2 minutes
Windshare 2007 AGM
BOARD ELECTIONS
-Election ballots to be submitted into Ballot Boxes-Ballots will be counted over Coffee Break
Windshare 2007 AGM
WINDSHARE BOARD REPORT
WINDSHARE BOARD REPORT – A year in Review:
a) Year Overview b) Administration c) Communications d) Technical and Production e) Financial Report
Windshare 2007 AGM
WINDSHARE BOARD REPORT Overview of 2007Overview of 2007 -Social (political) impact on public policy and -Social (political) impact on public policy and
awareness, community powerawareness, community power -Environmental CO2 emission reduction-Environmental CO2 emission reduction -Financial – close but not there yet>Successful at -Financial – close but not there yet>Successful at
making policy and political changemaking policy and political change New Investments – trials and tribulationsNew Investments – trials and tribulations
Lakewind Constraint Area
Windshare 2007 AGM
Proposed Business Partnership Proposed Business Partnership StructureStructure
Lakewind Power Co-op(Joint Venture)
Lakewind Bervie Project
WindShare I & II(New Share Capital Co-op)
Countryside Energy Co-op
(Share Capital Co-op)
THESIToronto Hydro Energy Services
Ex Place Turbine(Joint Venture)
EF
Special General Meeting June 2006
Special General Meeting June 2006
Windshare 2007 AGM
WINDSHARE BOARD REPORT Lakewind UpdateLakewind Update
Ed Hale
Windshare 2007 AGM
Windshare Windshare 20072007
AGMAGM
Coffee BreakCoffee Break
Windshare 2007 AGM
WINDSHARE BOARD REPORT AdministrationAdministration
Until Fall 2006, WindShare was largely volunteer operated Until Fall 2006, WindShare was largely volunteer operated and managed with some part-time membership support and managed with some part-time membership support from Kit Chapmanfrom Kit Chapman
After membership approved Lakewind Project in June After membership approved Lakewind Project in June 2006, we had access to three new staff members2006, we had access to three new staff members
With the uncertainty of Lakewind, we are back to relying With the uncertainty of Lakewind, we are back to relying on volunteers and Board Members for WindShare on volunteers and Board Members for WindShare administrationadministration
Examining possibility of hiring new part-time administrative Examining possibility of hiring new part-time administrative staff memberstaff member
Jennifer Jeffery
Windshare 2007 AGM
Administrative CommitteesAdministrative Committees
Joint Venture (WindShare & Toronto Hydro)Joint Venture (WindShare & Toronto Hydro) Rose Kudlac, John Binns, Evan Ferrari
Technical Committee Technical Committee Rose Kudlac & John Binns
Finance Committee Finance Committee (David Robertson, looking for new treasurer)
Communications Committee Communications Committee Jennifer Jeffery
Admin Admin Riki Burkhardt
Jennifer Jeffery
Windshare 2007 AGM
WINDSHARE BOARD REPORT Communications Communications
Member newsletters distributed in May, Member newsletters distributed in May, August, and DecemberAugust, and December
Lakewind Information Session held in June Lakewind Information Session held in June with background package sent out in advancewith background package sent out in advance
Letter campaign to Premier and Minister of Letter campaign to Premier and Minister of Energy (re: transmission constraints) in Energy (re: transmission constraints) in NovemberNovember
Jennifer Jeffery
Windshare 2007 AGM
www.WindShare.cawww.WindShare.ca
Jennifer Jeffery
Windshare 2007 AGM
2007-2008 Communication 2007-2008 Communication PlanPlan Current staffing limitationsCurrent staffing limitations
Updates on Lakewind Project as applicableUpdates on Lakewind Project as applicable
Quarterly newslettersQuarterly newsletters
Production and financial data available Production and financial data available quarterly on Members section of websitequarterly on Members section of website
Regular website updates as applicableRegular website updates as applicable
Jennifer Jeffery
Windshare 2007 AGM
WINDSHARE BOARD REPORT Technical and ProductionTechnical and Production Production Primary technical incidents Ongoing issues Moving Ahead
Rose Kudlac
Windshare 2007 AGM
701,963
866,003946,342 962,316
347,477
0
200,000
400,000
600,000
800,000
1,000,000
2003 2004 2005 2006 2007
Windshare Production by Fiscal Year
kwh
Sep-March
Windshare 2007 AGM
Sep-March
Production by Fiscal MonthWindshare Turbine
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
Oct Nov Dec J an Feb Mar Apr May J un J ul Aug Sep
month
2003
2004
2005
2006
2007
Windshare 2007 AGM
WINDSHARE BOARD REPORT WINDSHARE BOARD REPORT Technical and ProductionTechnical and Production
Rose Kudlac
- 4 months only
2006 Fiscal WindShare Production vs High Low
-
50,000
100,000
150,000
200,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
High Low 2006 Average
Windshare 2007 AGM
2006 & 2007 Fiscal Windshare Production vs High Low
0
50,000
100,000
150,000
200,000
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
High Low 2006 Average 2007
Windshare 2007 AGM
WINDSHARE BOARD REPORT Technical and ProductionTechnical and Production Technical Issues Line reactor problem in September (xx days
downtime) Diagnose problem Quote for repair vs. replacement Decide to purchase from Bettink in the Netherlands –
shipment took a week We decided to install in a separate cabinet to prevent
problem in future, lower cost to do it immediately.
Rose Kudlac
Windshare 2007 AGM
WINDSHARE BOARD REPORT Technical and ProductionTechnical and Production Intermittent problems since summer
blade pitch motor controller Jetway communication alarms Blade pitch motor batteries and chargers (in winter) Converter alarms
Challenges responding Remote access – difficulty in dealing with shoebox Going on site complexity – even Johan Top said “I don’t know what
to do next”
Rose Kudlac
Windshare 2007 AGM
WINDSHARE BOARD REPORT Technical and ProductionTechnical and Production Leading to requesting technician from Bettink –
Johan Top on site from Feb 6-12, 2007 Close to 100% availability since his visit 2 days training of McDowell staff, WindShare and
THESI Up to date parts inventory, including testing of
spare parts
Rose Kudlac
Windshare 2007 AGM
WINDSHARE BOARD REPORT Technical and ProductionTechnical and Production Achieved:
emergency response procedures, lockout safety procedures, inventory process IT consultant capable of handling shoebox! remote access: Using VNC to access the turbine through modem
since Dec. 06 Ongoing issues
rust, sagging cables, replacing shoebox with more ‘modern’ machine
Rose Kudlac
Windshare 2007 AGM
WINDSHARE BOARD REPORT Technical and ProductionTechnical and Production Ahead internet connection –
opportunity for volunteers to get involved in monitoring one person is engaged in data analysis
good shape re inventory and spare parts Improved admin – e.g. purchase orders planning for spring maintenance operation is excellent
Rose Kudlac
Windshare 2007 AGM
WINDSHARE BOARD REPORT Treasurers ReportTreasurers Report
Dave Robertson
Windshare 2007 AGM
Treasurer’s ReportTreasurer’s Report
Audited Financial StatementsAudited Financial Statements Balance Sheet Operations statement
Income TaxIncome Tax FY 2007 ForecastFY 2007 Forecast
Windshare 2007 AGM
Treasurer’s ReportTreasurer’s Report
Auditors:Auditors: Cowperthwaite Mehta Chartered Accountants Phil Cowperthwaite is present tonight to address
any questions
Windshare 2007 AGM
Treasurer’s ReportTreasurer’s Report
Fiscal Year – Oct 1, 2005 to Sept 30, 2006Fiscal Year – Oct 1, 2005 to Sept 30, 2006 High operating costs to recover from downtime High operating costs direct result of no warranty Low overhead expenses Negative operating income Large account due from Thesi – rebilled
maintenance costs Refunds to shareholders for shares not replaced Significant reduction in cash Cash shortage funded by EC loans
Windshare 2007 AGM
Balance SheetBalance SheetAssets (page 1)Assets (page 1)
Current AssetsCurrent Assets 20062006 20052005
CashCash $169,788$169,788 $233,311$233,311
Accounts ReceivableAccounts Receivable $67,210$67,210 30,23030,230
Inventory –partsInventory –parts $10,027$10,027 10,02710,027
Prepaid expensesPrepaid expenses $16,706$16,706 16,54516,545
TOTALTOTAL $263,731$263,731 $290,113$290,113
Windshare 2007 AGM
Balance SheetBalance SheetLiabilities/Equity (page 1)Liabilities/Equity (page 1)Current LiabilitiesCurrent Liabilities 20062006 20052005Accounts Payable & Accrued LiabilitiesAccounts Payable & Accrued Liabilities $36,657$36,657 $37,635$37,635
Current Portion DebtCurrent Portion Debt $150,000$150,000 $150,000$150,000
Deferred RevenueDeferred Revenue $75,000$75,000 $75,000$75,000
TOTAL CURRENT LIABILITIESTOTAL CURRENT LIABILITIES $261,657$261,657 $262,635$262,635
PHASE II FUNDS IN ESCROWPHASE II FUNDS IN ESCROW $288,202$288,202 $289,132$289,132
Member EquityMember EquityMembers’ Equity Share CapitalMembers’ Equity Share Capital $786,923$786,923 $800,428$800,428
Accumulated DeficitAccumulated Deficit ($108,721)($108,721) ($64,104)($64,104)
TOTAL MEMBER EQUITY TOTAL MEMBER EQUITY $678,202$678,202 $736,324$736,324
TOTALSTOTALS $1,228,061$1,228,061 $1,288,091$1,288,091
Windshare 2007 AGM
Debt FinancingDebt Financing
Environment CanadaEnvironment Canada Loans Loans $150,000 loan 0% interest Continuing to attempt to negotiate timing of
repayment or reuse of funds in next project
Windshare 2007 AGM
Members’ Equity and Funds in Members’ Equity and Funds in EscrowEscrow(page 1)(page 1)
Members’ EquityMembers’ Equity 20062006 20052005
Preference SharesPreference Shares $786,500$786,500 800,000800,000
Membership SharesMembership Shares 423423 428428
Funds in EscrowFunds in Escrow 20062006 20052005
Preference SharesPreference Shares 288,202288,202 289,000289,000
Membership SharesMembership Shares ?????? 132132
Windshare 2007 AGM
Balance SheetBalance SheetLiquidity (page 1)Liquidity (page 1)
Current AssetsCurrent Assets 20062006 20052005CashCash $169,788$169,788 $233,311$233,311Accounts ReceivableAccounts Receivable $67,210$67,210 $30,230$30,230Inventory of Wind Turbine Inventory of Wind Turbine Service PartsService Parts
$10,027$10,027 $10,027$10,027
Prepaid Expenses & Rent Prepaid Expenses & Rent DepositDeposit
$16,706$16,706 $16,545$16,545
TotalTotal $263,731$263,731 $290,113$290,113
Windshare 2007 AGM
Balance SheetBalance SheetLiquidity (page 1)Liquidity (page 1)
Current LiabilitiesCurrent Liabilities 20062006 20052005Accounts Payable & Accounts Payable & Accrued LiabilitiesAccrued Liabilities
$36,657$36,657 $37,6356$37,6356
Current Portion DebtCurrent Portion Debt $150,000$150,000 $150,000$150,000Deferred RevenueDeferred Revenue $75,000$75,000 $75,000$75,000
TotalTotal $261,657$261,657 $262,635$262,635
Positive working capital $2,074 (2005, $27,478). Working capital decreased by operating loss and
large AR from Thesi.
Windshare 2007 AGM
Statement of OperationsStatement of Operations
Total energy delivered to the grid by Sept. 30, 2006 Total energy delivered to the grid by Sept. 30, 2006 was 946,342 KWH (2004; 866,003 kWh) (50% was 946,342 KWH (2004; 866,003 kWh) (50% WindShare’s)WindShare’s)
IssuesIssues Downtime reduced revenue High operating expenses
No warranty Local electrical contractor Brought in Bettink from Europe Regular maintenance Management on site no longer volunteer
Windshare 2007 AGM
Statement of Operations Statement of Operations Revenues (page 2)Revenues (page 2)
RevenueRevenue 20062006 20052005Power Sales & Power Sales & Management FeesManagement Fees
$46,621$46,621 $47,104$47,104
Turbine Management FeesTurbine Management Fees $0$0 $8,000$8,000
Windpower Production Windpower Production Incentive ($0.12/kWh)Incentive ($0.12/kWh)
$5,759$5,759 $5,678$5,678
Interest & Exchange gainInterest & Exchange gain $8,242$8,242 $4,769$4,769
TotalTotal $60,622$60,622 $65,551$65,551
Windshare 2007 AGM
Statement of Operations (page Statement of Operations (page 2)2)
ExpensesExpenses 20062006 20052005Turbine O&MTurbine O&M $24,472$24,472 $9,902$9,902
Management FeesManagement Fees 00 8,0008,000
InsuranceInsurance 9,8839,883 11,26511,265
Land LeaseLand Lease 1,0001,000 1,0001,000
Realty taxesRealty taxes 5,7985,798 00
Professional FeesProfessional Fees 17,05717,057 17,94917,949
Wind Turbine Management FeesWind Turbine Management Fees 00 5,0005,000
Office SuppliesOffice Supplies 5,1255,125 1,3141,314
Interest & Bank ChargesInterest & Bank Charges 424424 193193
OtherOther 200200 1,02531,0253
TotalTotal $63,959$63,959 $55,648$55,648
Windshare 2007 AGM
Statement of Operations Statement of Operations Operating Income & Net Loss Operating Income & Net Loss (page 2)(page 2)Operating Income & Net LossOperating Income & Net Loss 20062006 20052005
RevenuesRevenues $60,622$60,622 $65,551$65,551
ExpensesExpenses $63,959$63,959 55,64855,648
(Loss) Income from Operations(Loss) Income from Operations $(3,337)$(3,337) $9,903$9,903
AmortizationAmortization $41,280$41,280 $41,280$41,280
Net Income (Loss)Net Income (Loss) $(44,617)$(44,617) $(31,377)$(31,377)
Dividend paidDividend paid 00 (32,000)(32,000)
Deficit, openDeficit, open (64,104)(64,104) (727)(727)
Deficit, closeDeficit, close $(108,721)$(108,721) $(64,104)$(64,104)
Windshare 2007 AGM
Statement of Operations Statement of Operations Statement of Cash FlowsStatement of Cash Flows
Sources/Uses of CashSources/Uses of Cash SourcesSources
Preference and Membership shares
UsesUses Refunds to members Refunds to members in waiting Operating loss
Windshare 2007 AGM
Income TaxIncome Tax
No Federal or Provincial payments expected No Federal or Provincial payments expected in the short termin the short term
Capital cost allowance (CCA) rate 30% high Capital cost allowance (CCA) rate 30% high in early yearsin early years
Use only enough CCA to cover incomeUse only enough CCA to cover income Non-capital losses can be carried forward Non-capital losses can be carried forward
and applied to future taxable incomeand applied to future taxable income Both CCA and prior losses deductible Both CCA and prior losses deductible
against future Lakewind income after against future Lakewind income after amalgamationamalgamation
Windshare 2007 AGM
2007 Forecast2007 Forecast
2007 budget uses most conservative estimate of 2007 budget uses most conservative estimate of old PPA rate continuing month to month with old PPA rate continuing month to month with THESI.THESI.
Use conservative estimate for operating costsUse conservative estimate for operating costs
Operating costs include provision for introduction Operating costs include provision for introduction of maintenance contractof maintenance contract
Only revenue & expenses for one turbine in budgetOnly revenue & expenses for one turbine in budget
Windshare 2007 AGM
2007 Forecast2007 Forecast
2007 budget shows operating surplus but net loss 2007 budget shows operating surplus but net loss after amortization. after amortization.
Continues to be not sustainable in the long term. Continues to be not sustainable in the long term. Risk of more downtime and related repair costs Risk of more downtime and related repair costs remains high with no warranty.remains high with no warranty.
Not enough economies of scaleNot enough economies of scale
No more dividends until sustainable operationNo more dividends until sustainable operation
Windshare 2007 AGM
Acceptance of AuditedAcceptance of AuditedFinancial StatementsFinancial Statements
Motion:Motion: To accept the Audited Statements for TREC To accept the Audited Statements for TREC
WindShare Co-operative (No 1) Incorporated WindShare Co-operative (No 1) Incorporated for Fiscal Year ended September 30, 2006for Fiscal Year ended September 30, 2006
Windshare 2007 AGM
Appointment of AuditorsAppointment of Auditors
Board of Directors recommendation…Board of Directors recommendation…Motion:Motion: That Cowperthwaite Mehta Chartered That Cowperthwaite Mehta Chartered
Accountants be re-appointed auditors for Accountants be re-appointed auditors for TREC WindShare Co-operative (No 1) TREC WindShare Co-operative (No 1) Incorporated for Fiscal Year 2007Incorporated for Fiscal Year 2007
Windshare 2007 AGM
WINDSHARE BOARD REPORT Standard Offer ContractsStandard Offer ContractsYour 2007 Board:1 – Rike Burqhardt
2 – Paula Boutis
3 – John Binns
4 – Jennifer Jeffery
5 – Rose Kudlac
6 – Evan Ferrari
Treasurer – Dave Robertson
Windshare 2007 AGM
AgendaAgenda
10. QUESTIONS & ANSWERS 9:25-9:35
11.ADJOURNMENT 9:35
12.ANNOUNCEMENTS 9:35